Celgene tumbles; sees FY04 earnings below views

MichaelBaron

NEW YORK (CBS.MW) -- Celgene
CELG, +0.04%
lost more than 9 percent to $42.47 after the Warren, N.J., biopharmaceutical firm forecast earnings of 40 to 50 cents per share in fiscal 2004, below the current mean estimate of 10 analysts polled by Thomson First Call for a profit of 61 cents per share in the period. Revenue for fiscal 2004 is projected to come in between $360 million and $380 million. Celgene also said it anticipates earnings of 6 cents per share in the fourth quarter, a penny below Wall Street's current average view. The company expects research and development spending to jump 30 percent in 2004 to between $160 million and $170 million in order to support multiple research and regulatory activities. Selling, general and administrative expenses are projected at between $115 million and $125 million for 2004, a 20 percent increase from 2003.

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